|
Jeevan Amrit (Limited Payment Endowment Policy With Profit)
Jeevan Amrit
Table No. 186
(Limited Payment
Endowment Policy With Profit)
Introduction
Jeevan Amrit is a fixed term policy
with option to pay premiums for 3, 4 or 5 years. The premium payable during the
first year is higher than the premiums payable in subsequent years. The premium
has to be paid till the end of the premium paying term or till the death of the
policy holder whichever is earlier. The
allowed terms are between 10 to 30 years.
In case, the policy holder dies before the end of the policy term, the
sum assured along with bonus is paid to the nominee.
If the policy holder survives till the end of the term, he gets total Premiums paid excluding extra premium plus bonus. This endowment policy fulfills many of the long term financial needs of a person. The short term needs may be, to provide for family expenses (this is possible by raising a loan on policy). The long term needs may be, to provide for education of dependent children, their marriage, or for old age provision for self / spouse.
If the policy holder survives till the end of the term, he gets total Premiums paid excluding extra premium plus bonus. This endowment policy fulfills many of the long term financial needs of a person. The short term needs may be, to provide for family expenses (this is possible by raising a loan on policy). The long term needs may be, to provide for education of dependent children, their marriage, or for old age provision for self / spouse.
This plan is designed to
meet the needs of persons having a very short span of high earnings, where after
the income decreases or stops. The premium paying capacity of such persons
(Film artists, cricketers, models, professionals on foreign assignments etc.)
is quite high during the period of high income.
Benefits
Ø Maturity Benefits:
ü
Premiums Paid (Excluding Extra Premium) + Bonus.
Ø Death Benefits:
ü
Sum Assured +
Accumulated Bonus.
Ø Mode Benefit:
ü
The following table shows the rebate available on the mode
of premium payment.
Mode
|
Rebate
|
Yearly
|
2% of tabular premium
|
Half - Yearly
|
Mil
|
Features
Ø Minimum Sum Assured - Rs.
1,00,000/-
Ø No Maximum Limit
Ø Minimum age at entry - 12
years (Last Birthday)
Ø Maximum age at entry - 60
years (Near Birthday)
Ø Maximum age at maturity
-70 years (Near Birthday)
Ø Minimum Term - 10 years
Ø Maximum Term - 30 years
Ø Premium paying Term - 3,
4 or 5 years.
Ø Modes Allowed - Yearly,
Half-Yearly
Ø Policy Loan available
